This piece was posted after the close on Wednesday and this morning the S&P 500 e-mini futures are indicating a 2816 open.
From Slope of Hope:
Circus Tints
OK, this is just getting silly. As of this writing, this is the FIFTH time the /ES has approached 2825 and been repelled (I emphasis “as of this writing”, because I realize it could blow right past it at any moment…….but still!)
The astonishing thing is that ostensibly a big part of the reason for this lift is “trade talk optimism”, but Trump has all but said there’s not going to be ANY deal at this point……….and the market couldn’t care less! I wanted to offer a couple of thoughts about what happens if we do, in fact, cross that proverbial line in the sand.
The yellow zone I’ve tinted above runs from 2825 up to 2865, a 40 point range (the math checks out). This is the “super easy” range for the bulls, because there’s absolutely nothing stand in their way in this range. That entire zone is merely part of the glorious drop that happened back on October 10th (which feels, oh, like about 27 years ago).......MORE
